Bitcoin's range-bound struggle continues
Bitcoin (BTC) has been stuck inside a large range since April, indicating indecision about the next directional move. Efforts by the bears to sink the price below the support of the range were thwarted by the bulls on Sep. 11. However, Bitcoin is not out of the woods yet.
Experts warn of potential pain for Bitcoin
Jamie Coutts, a chartered market technician and crypto market analyst, has warned that if certain economic factors continue, Bitcoin and other risk assets could face more pain. "An uptick in unemployment and more stress in the banking sector" could spell trouble for cryptocurrencies, he said.
Capital outflows hit the cryptocurrency market
As caution grows among cryptocurrency traders, a Bitfinex report shows that the industry witnessed capital outflows of $55 billion in August. The drop in liquidity has made market movements more susceptible to isolated events, the report added.
Examining the charts
Will Bitcoin retest its pivotal support? Could its weakness trigger further selling in altcoins? Analysts are studying the charts of the top-10 cryptocurrencies to find out.
Bitcoin broke and closed above the...
